Citrus flavors are extracted from citrus fruits such as lemon, lime, orange and grapefruit and find wide applications in food & beverages, personal care and healthcare industries. Citrus flavors are known to provide refreshing taste and are high in vitamin C content. The increasing demand for natural flavors in food & beverages has propelled the demand for citrus flavors in recent years.
The global citrus flavors Market is estimated to be valued at US$ 13382.2 Mn in 2023 and is expected to exhibit a CAGR of 5.1% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Citrus flavors are widely used in various food and beverage products such as juices, sports drinks, functional beverages, bakery products and others owing to their refreshing taste and high nutritional profile. The functional benefits of citrus flavors such as rich vitamin C content is driving their use in many nutrition and wellness oriented products. The growth in demand for healthy, natural and nutritional food & beverage products presents a major opportunity for the growth of the citrus flavors market over the forecast period.
Porter’s Analysis
Threat of new entrants: The citrus flavors market has moderate barriers for new entrants due to the high R&D and marketing costs involved. However, rising demand is attracting new players.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and fragmented nature of buyers.
Bargaining power of suppliers: Suppliers of citrus fruits have moderate power due to perishable nature of raw materials and less substitutions.
Threat of new substitutes: Threat is moderate as artificial flavors are substitutes but natural flavors are preference of health conscious consumers.
Competitive rivalry: The market is highly competitive with major global players operating.
SWOT Analysis
Strength: Wide application in food & beverages, rising health consciousness, and natural perception boost demand.
Weakness: Seasonal availability of raw materials leads to price volatility, climatic conditions affect supply.
Opportunity: Emerging economies offer huge untapped growth potential. Product innovation for new applications expands market.
Threats: Stringent regulations over synthetic ingredients and artificial colors concern buyers. Trade barriers restrict international business.
Key Takeaways
The Global Citrus Flavors Market Size is expected to witness high growth. The global Citrus Flavors Market is estimated to be valued at US$ 13382.2 Mn in 2024 and is expected to exhibit a CAGR of 5.1% over the forecast period 2024 to 2031.
The Asia Pacific region is the fastest growing market for citrus flavors due to increasing consumption of processed food & beverages and western influence on food habits in countries like India and China.
Key players operating in the citrus flavors market are Sulzer Ltd, Praxair, Inc., Oerlikon Group, Curtis-Wright Corporation, Bodycote plc., Thermal Spray Technologies Inc., ASB Industries Inc., Abakan Inc., and Metallisation Ltd.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it